Tom Lee, chairman of BitMine Immersion Technologies, stated at Korea Blockchain Week that the cryptocurrency market has entered its largest bull cycle to date. He argued the current phase could exceed earlier runs, supported by technical signals, institutional activity, and structural shifts in capital flows.

Lee's Assessment of the New Cycle

Speaking on September 30, Lee pointed to Bitcoin reclaiming its 200-day moving average as a key marker. He noted that this level had preceded eight of the past nine bull markets over a 12-year span. Institutional inflows into Bitcoin products continued through September, adding to his confidence.

Lee also cited the expanding role of tokenization, where traditional assets such as funds and securities are represented on blockchain networks. Firms including BlackRock and JPMorgan Chase have explored related projects. He expects Ethereum to benefit as the primary infrastructure for many of these efforts.

Additional factors include an anticipated transfer of wealth to younger investors. Lee referenced projections that Americans in their twenties could inherit approximately $700 billion in 2026, compared with around $100 billion in 2019 and 2020. He suggested this could help drive the overall cryptocurrency market capitalization toward $10 trillion. He further noted the potential for artificial intelligence systems to use cryptocurrencies for payments between agents.

Digital asset treasury companies, which hold crypto on balance sheets without the redemption pressures typical of traditional funds, were another element Lee identified as capable of amplifying the cycle. He described Ethereum's roughly five-year period of consolidation as preparation for a substantial move higher, drawing parallels to earlier cycles in which the asset rose sharply after extended sideways periods.

The comment came in reply to a social media post by Binance founder Changpeng Zhao that used a meme format to suggest many participants might be unprepared for a recovery in valuations. Zhao had also reiterated confidence in BNB Chain fundamentals.

BitMine Continues Ethereum Accumulation

BitMine purchased 17,362 ETH in the week ending September 28, lifting its holdings to more than 6 million tokens, specifically around 6,001,302 ETH. At prevailing prices near $2,700, the position was valued at approximately $16.2 billion. The company has pursued a strategy aimed at reaching 5 percent of Ethereum's total supply and has maintained weekly purchases since initiating the program.

Roughly 85 to 87 percent of the holdings are staked, generating more than $300 million in annual rewards. Lee has maintained longer-term price targets of $150,000 for Bitcoin and has projected Ethereum could reach $10,000 within 12 months, while also referencing higher multi-year expectations in other comments.

Recent Market Performance and Cautionary Signals

Bitcoin traded near $85,400 on September 30, up about 10.4 percent over the prior 14 days and 6.5 percent over the past month. The broader cryptocurrency market capitalization stood near $2.97 trillion, still below the record of $4.35 trillion set in October 2025. Bitcoin, Ethereum, and BNB recorded gains across September, though prices weakened more recently amid rising Treasury yields. Bitcoin declined approximately 4 percent in the latest week while remaining more than 7 percent above monthly lows.

On-chain data showed notable profit-taking, with Bitcoin holders realizing 25,700 BTC in gains on a single day in late September, the largest such total recorded in 2026. Apparent spot demand contracted by 170,000 BTC over 30 days, and growth in speculative futures activity slowed. Altcoin market capitalization rose more than $371 billion since June, with a large share of tokens trading above their 200-day averages. However, increased altcoin deposits to exchanges and spot trading volumes running nearly four times those of Bitcoin have historically aligned with local market peaks.

Lee outlined several developments that could interrupt the advance, including Bitcoin setting a new low on the weekly chart, a sudden 10 to 20 percent decline in U.S. equities, or unexpected Federal Reserve rate increases. He contrasted the current environment with earlier cycles driven by initial coin offerings, non-fungible tokens, meme assets, and stablecoins, arguing that tokenization, artificial intelligence applications, and regulatory progress now form the primary catalysts.